As the Social Security Administration (SSA) prepares to distribute retirement benefits for September, it’s important for recipients to understand what they can expect. For 64-year-olds, the average check or direct deposit this month will be worth $1,460. Here’s what you need to know about your Social Security payment schedule and the factors that may influence your benefit amount.
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Understanding the Average Retirement Benefit
For your reference, the average retirement benefit for all retired workers is currently $1,919. However, this amount can vary significantly depending on when you choose to file for Social Security. Those who file before reaching their Full Retirement Age (FRA) can expect to receive a lower payment, with reductions of up to 30% for those who file at age 62. On the flip side, delaying retirement beyond the FRA can result in up to a 30% increase in benefits.
Payment Dates for Social Security in September
Social Security payment dates can vary based on several factors, including your birth date and whether you qualify for Supplemental Security Income (SSI). Here’s a breakdown of the payment schedule for September:
September 3: Special Payment Date
- For SSI Recipients Who Also Receive Retirement Benefits: If you’re receiving both SSI and Social Security retirement benefits, your payment is scheduled for September 3.
- For Retirees Who Filed Before May 1997: If you began receiving benefits before May 1997, your payment is also scheduled for September 3.
Interestingly, those receiving SSI will see their payment arrive on August 30 this month, rather than the usual September 1. This adjustment was made because September 1 falls on a Sunday, which cannot be a payday according to SSA rules.
Social Security Payments From September 11 Onward
If you do not qualify for the special payment date on September 3, your Social Security retirement benefit will be paid based on your birth date. Here’s how the schedule looks:
- September 11: For those born before the 11th of the month, expect your retirement benefit check or direct deposit on this date.
- September 18: If your birth date falls between the 11th and 20th, your payment will arrive on September 18.
- September 25: If you were born after the 20th, you can expect your payment on September 25.
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Maximum Retirement Benefits Based on Filing Age
The amount you receive in Social Security benefits is heavily influenced by the age at which you file. The maximum retirement benefit for someone who files at age 62 is $2,710. If you file at age 64, you may qualify for a larger payment, but it will still be lower than the maximum benefit available at Full Retirement Age. For example, the maximum benefit at age 66 years and 8 months is $3,822.
Understanding the timing and amount of your Social Security payments is crucial for effective financial planning. Whether you’re receiving SSI along with your retirement benefits or are waiting for your birth date to determine your payment schedule, knowing what to expect in September can help you stay prepared. As always, consider how your filing age impacts your benefit amount and plan accordingly to maximize your retirement income.